Someone close to me is recieving $100,000 and he wants to triple it so he will have enough money to retire. He is brainstorming many ideas right now: flipping a few houses, inventing a needless infomercial gadget, etc. What would YOU do to triple your money?
2006-07-11 06:13:09 · 10 answers · asked by Chase 2 in Business & Finance ➔ Investing
play the ponies.......just joking
what is the timeframe?
Invest wisely.....study investing strategies....be diversefied
2006-07-11 14:42:49 · answer #1 · answered by Anonymous · 0⤊ 1⤋
U can suggest him to invest in internet business. Go for the internet business which require less of your time and the one that will not make you feel headache with web designing or which require IT knowledge. Second, choose the internet based company which offer you the opportunity and at the same time giving you the convenience to start the business where all the things are automated. Third, choose the business which does not require big money to start it. Think again, when you are earning money from the internet, you have the chance to get rid from an income tax.
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2006-07-11 06:15:54 · answer #2 · answered by carmeehoon 3 · 0⤊ 0⤋
The above strategies are scary prospects unless he is already business-minded, and has what it takes to maximize the chance of great returns. If he does have what it takes however, I go with the safest, surest thing (business or real estate strategy). If he's not confident about doing business/real estate himself, he should invest in good stocks or other securities through a reputable broker/advisor (who only makes money if/when he makes money). Diversification is an important aspect to hedge against random failures from destroying his entire fortune. Even investing in good securities however, it could take a decade or two to triple his money.
If he is determined to triple the money much sooner, he'd better be real careful, yet real aggressive and real intelligent about it and 1. Start and build a successful business or short-term real estate strategy (could include "flipping" as mentioned in the question).
or 2. Very carefully find a business upstart in need of cash, which has a great strategy for amazing investor returns over a relatively short-term. Many of these upstarts (like mine) are afraid to go seeking investors, due to extensive, strict and confusing securities laws, so he may need to seek and approach them himself. Note that most upstarts won't come close to being able to offer a tripled return in the short term, and they say half of businesses fail within 5 years.
In conclusion, there is no easy, known way to triple 100K in the short term... unless one is lucky to know of an unsusual investment opportunity or one has what it take to guarantee amazing business success.
One last note - if he does decide to start a business himself, he should try to start in on minimal capital (on a shoestring), and keep the bulk of the 100K somewhere safe, until he's 110% sure his business is ready to turn it into more.
Just my 2 cents :-)
2006-07-11 09:01:40 · answer #3 · answered by Trillionaire Wannabe 2 · 0⤊ 0⤋
Blackjack or Craps. There are no foolprrof methods to triple the cash. T-bills are a safe low yield while flipping houses is risky. Keep working and use the money as a cushion. Let some it draw safe interest in a CD or something safe. Keep his bills paid and maybe he can get a loan and go into the career of his dreams.
2006-07-11 06:19:23 · answer #4 · answered by bigtony615 4 · 0⤊ 0⤋
Leverage your money, be careful and I'd choose real estate. Find the next hot market for potential developers and put some money there. Doesn't have to be in the U.S either.
2006-07-17 03:58:52 · answer #5 · answered by cancan 1 · 0⤊ 0⤋
CDs!!!! LOL - those returns are lame.
Tell your friend to start a portfolio in gold and silver precious metals (particularly in commemorative coins - NOT bullion coins). The returns when buying/selling are way better than CDs.
2006-07-11 06:34:47 · answer #6 · answered by Jerry H 5 · 0⤊ 0⤋
First, how old are you? are you like 58? aboutto retire? or are you in your 20's? you assho. they are several ways to, there are the long and for sure ways, or short and risky ways
2006-07-11 06:18:43 · answer #7 · answered by Anonymous · 0⤊ 0⤋
buy Sirius Jan 08 Calls
2006-07-11 07:21:50 · answer #8 · answered by Olivia 4 · 0⤊ 0⤋
multiply by 3
2006-07-11 06:17:18 · answer #9 · answered by beenthere 2 · 0⤊ 0⤋
Buy and sell luxury cars
2006-07-11 06:16:15 · answer #10 · answered by joe c 2 · 0⤊ 0⤋